Why Term? Because, term life insurance provides coverage for a limited period of time, compared to whole life insurance that provides lifetime coverage.
The lowest priced life insurance would be annual term life insurance which provides coverage for one year.
However, as you get older each year the price to renew your annual term life insurance will increase. Whereas, you could lock-in a level premium for up to 20 years with 20 year level term life insurance where your rate stays the same each year for the entire 20 year term of your policy.
Here's how you can compare term life insurance quotes online and find out which term and rate fits your life insurance needs.